Over one million working hours are lost every year by business owners and managers running out of time to make travel preparations.

According to a report from Bibby Financial Services, nearly a third (29%) of business drivers in small and medium-sized businesses admitted to having been over an hour late for an important business meeting due to lack of forward planning and 15% were late because of incorrect directions.

Nonetheless, business drivers are taking all kinds of short cuts to save time, with 42% eating while travelling and 15% breaking the law by using their mobile phones without a hands-free kit while driving  - just to save time.

Almost a quarter (23%) claimed they were even prepared to pay parking fines in order to get to meetings on time.

David Robertson, global chief of Bibby Financial Services, said: "Small business managers should heed the warning and make time to prepare, particularly in a climate of such economic uncertainty when losing a customer due to poor punctuality could have a significant impact on the business."